How To Become A Millionaire (sort of)!

Join J.Money‘s Million Dollar Club, of course! Today I officially announce my membership in the club. The purpose of the club is to create a list of habits and plans you pledge to adopt in the pursuit of your first million. Though with my undergraduate and graduate student loans, I don’t anticipate being worth $1,000,000 any time soon, making a list of goals is always a good way to stay on track. My list is as follows:

1. I will spend less than I earn each year.

2. I will contribute a portion of each paycheck to my IRA, student loans, and savings account before I consider my spending money.

3. I will read more books on personal finance and implement the wealth-building strategies I learn.

4. I will take a few days to consider any purchase that is not a necessity.

5. I will never acquire any credit card debt.

6. I will stick to all of the budgets that I set for myself.

7. I will contribute as much as possible to any employer-matched retirement accounts.

8. I will develop a total financial plan at the beginning of each year.

Given this list, I’ll be using 101in365.com to keep me motivated and working towards my goals (not all of which are financial, but many of which are). While I’m not naïve (I know this list won’t be solely responsible for my first million), I would like to use it to check back every few months to make sure I am maintaining the promises I have made.

12 responses to “How To Become A Millionaire (sort of)!”

I did start watching the show Hung last night and he went to a class that is supposed to teach you how to be a multi-millionaire and the teacher said that the first step is to find your tool, and then decide how to market it.

I mean, I designed my list myself. It’s not the sole key to making a million, the point is more to get you focused and educated enough to earn your way to a million. There are no real get-rich-quick strategies (other than perhaps the lottery, which involves no strategy at all). But the more you know about your finances, and the more you learn about them, the better you’ll stand financially. And it might help you, presumably as a college grad in the near future, to start looking at this stuff! The “real world” is not too far off, haha. It sounded dreadful to me too just months ago.

I know this sounds totally ridiculous, but a million dollars isn’t even that much any more! To buy a house in the inner suburbs of melbourne, you’d easily need 1.5 million. le sigh. with my unemployment record, me thinks this won’t be happening to me for a while.

I was about to suggest a possible difference in currency, but they’re nearly identical in value. Perhaps because Melbourne is such a large city, that the high property values extend even outside of the city itself. You see the same patterns in New York, Boston, etc.

And regarding the number one million: you’re absolutely right. It’s a hot debate as to whether you can comfortably retire on a million these days, and most of what I’ve heard and read says it would be very difficult, especially when you consider the constantly-increasing cost of living worldwide.

I really like your list. I think these are the basics for being financially responsible. I know these are things that I need to work on myself and I hope to be able to check off a similar list one day. The only thin I would add to mine is having enough money to travel and do the fun stuff I love like scuba diving.

Thanks! You’re right, these are the basics, and it obviously requires a lot more planning than an 8-point list to be financially successful, but it definitely helps to have a list at all. And saving for travel is always a good way to go! I’ve hit 7 european countries in 3 years, so I think I’m taking a break from that aspect of my spending, haha. My goal now is to zone in on the 5 years of graduate loans I’m about to take on!